Pan American Silver Corp (PAAS)

Shares of Pan American Silver Corp (PAAS) dropped by 9.14% from $14.99 to $13.62 in the trading on Wednesday, Novemeber 8, 2023. The reasons why PAAS down include disappointing earning results and lower guidance.

• Missed Earnings Estimates: Pan American Silver reported adjusted earnings per share of one cent for the third quarter of 2023, falling short of the Zacks Consensus Estimate of seven cents. This result was a deviation from the one-cent adjusted loss per share reported in the year-ago quarter. Including one-time items, the company reported a loss of six cents per share for the quarter, compared to a loss of 34 cents per share in the same period last year.
• Revenue Miss: The company's revenues for the quarter surged 82% year over year to $616 million, driven by higher prices. However, this figure missed the Zacks Consensus Estimate of $642 million.
• Guidance: Pan American Silver maintained its production guidance for 2023, with silver production expected to range between 21 million and 23 million ounces, and gold production estimated between 870,000 and 970,000 ounces. However, based on year-to-date operating results, the company anticipates production to be towards the lower end of these ranges.